Semaglutide Market Is Estimated To Witness High Growth Owing To Growing Obesity Rates and Rising Prevalence of Diabetes
The global Semaglutide Market is estimated to be valued at US$ 2.17 Bn in 2022 and is expected to exhibit a CAGR of 8.71% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Semaglutide is an once-weekly injectable glucagon-like peptide-1 (GLP-1) receptor agonist used for the treatment of type 2 diabetes and obesity. It works by increasing insulin production, decreasing glucagon secretion, and delaying gastric emptying which helps in controlling blood sugar levels. Semaglutide finds its use in blood glucose regulation and weight management without any serious risks or side effects. It offers advantages like better glycemic control, easy administration, improved adherence and compliance due to less frequent dosing. These advantages make semaglutide a preferred treatment option for type 2 diabetes and obesity management.
Market key trends:
One of the key trends fueling the growth of semaglutide market is the rising prevalence of type 2 diabetes across the globe. According to the International Diabetes Federation, around 537 million adults aged 20-79 years were living with diabetes in 2021 worldwide, and by 2030, the number of adults with diabetes is projected to rise to 643 million. Another major trend is the approval and launch of novel high concentration semaglutide products like Ozempic and Rybelsus which offer greater efficacy and convenience to patients. For instance, in September 2022, Novo Nordisk launched a once-weekly 2.4 mg dose of semaglutide under the brand name Rybelsus for weight management. The growing cardiovascular outcomes data on semaglutide and its cardiovascular safety profile is also supporting its uptake in the management of obesity and diabetes.
Porter’s Analysis
Threat of new entrants: The threat of new entrants entering the Semaglutide market is moderate. New companies will need significant capital to setup manufacturing facilities and to compete with established players.
Bargaining power of buyers: The bargaining power of buyers is high given the availability of substitutes from competing pharmaceutical companies. Buyers can negotiate lower prices and demand better services from suppliers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. The raw material supply is concentrated among few players globally and switching costs are also high.
Threat of new substitutes: The threat of new substitutes is high given the continuous development of new drugs and treatment options for managing diabetes and obesity by pharma companies.
Competitive rivalry: High as the Semaglutide market has the presence of major players like Novo Nordisk.
Key Takeaways
The global Semaglutide market is expected to witness high growth, exhibiting CAGR of 8.71% over the forecast period 2023-2030, due to increasing prevalence of obesity and type 2 diabetes. The market size for 2022 was US$ 2.17 Billion.
Regional analysis North America is expected to dominate the global Semaglutide Market Growth during the forecast period. This is attributed to growing obesity rates, rapid adoption of advanced medications, and presence of major market players in the region. The Asia Pacific region is anticipated to exhibit fastest growth rate owing increasing diabetic population and healthcare spending in the region.
Key players operating in the Semaglutide market are Novo Nordisk. Novo Nordisk is a leading player in the obesity and diabetes management market and offers Semaglutide under the brand name Ozempic for type 2 diabetes and Wegovy for chronic weight management.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it